Buyers increased their chances on breaking $145 and testing $185.
For the second day, buyers cannot close the daily candle above $142.
Fixed below $130, sellers will continue to fall to the targets $119 and $100.
The fight for the range $137-145 continues on Ethereum market for the third day. Sellers were unable to organize the false breakdown on the daily candle on 3 April and lower Ethereum price below the mark $137. As a result, today buyers are trying to restart the attack, which ended on 2 April by testing $150.
The local growth trend has been going on successfully since 30 March. Now, buyers have maximized their chances to break through the critical range $137-145.
However, there are noticeable signals of the price reversal on Ethereum market. Let’s look at the 4-hour timeframe:
As you can see, Ethereum price has finally got in the triangle, as buyers failed to update the local low, which was set on 20 March. It is also seen that during the price exit of the range $137-145, sellers start to be active. An example is yesterday’s 4-hour candle, which helped sellers to slow down buyers pace and aggressive growth.
Also, given the volumes, it is clearly not enough to break the global triangle at the moment. Therefore, a local price reversal with a minimum target $130 is likely.
Considering the equalization of buyers’ chances of a likely continuation of growth, we want to consider two scenarios and, as a result of trading, reject one. The main scenario for us remains the price fall with targets $119 and $100, after fixing below $130. If buyers confidently fix above $145, they will have the prospect of growth to $185:
As we can see in this mark, there is a lot of liquidity and on history this mark was important.
According to the wave analysis in Ethereum market, buyers cannot fix above the level of Fibonacci 0.382:
As we can see in the chart, the two daily candles were closed below this level and Ethereum price $142. Today’s daily candle has every chance to close identically. Nevertheless, crypto markets are often filled with magic on weekends. So, let’s see on Monday how the weekly candle closed and whether sellers keep the range $137-145.
Image Courtesy: TradingView